Though the prices of Bitcoin has gone down significantly this year when compared to last year when they reached the record 1200 US dollars, Jon Matonis, executive director of the Bitcoin Foundation claims that the digital currency has huge potential. He says that when it clicks, the Bitcoin is going to reach an inflection point and become the new gold.
He was speaking at the Institute of Directors’ annual convention in the Royal Albert Hall wherein he admitted that Bitcoin was an “epic” revolution analogous to the printing press. Bitcoin is receiving accolades from various noted businessmen like Bill Gates who recently admitted that the digital currency is key to the modern day businesses.
Coming from the executive director of the Bitcoin Foundation the statement has not surprised many as it is the job of the body to expound the idea of the digital currency to the world and Jon Matonis is doing a fantastic job. His organization is a lobbying group founded in 2012 and aims to “standardize, protect and promote” the use of Bitcoin.
In his speech Mr Matonis claimed that countries such as Argentina were already adopting virtual currencies widely as trust in government declined and inflation rates increased. According to him half of the world’s population is unbanked which provides huge scope not just for Bitcoin but also for the other organizations to reach them.
Mr Matonis says that the unbanked population can’t even sign up for an online university course because they don’t have a credit card and when they try to better themselves they run into these payment barriers. He told that Bitcoin has issued $6bn worth of currency since it launched five years ago.
Bitcoin has Huge Scope among the Unbanked Population
However, according to him it has both struggled to attract mainstream adoption and also increasingly come to the attention of regulators. He believes that central banks could regulate people converting Bitcoin to other currencies, but could not currently regulate transactions conducted entirely in Bitcoin.
Jon Matonis says that users retained the choice to maintain privacy. He added that money doesn’t do bad things, people do bad things and according to him Bitcoin is a non political monetary unit that transcends borders. He says that in five short years Bitcoin has issued 12m units valued at $6bn and no other virtual currency has ever done that in the history of modern economics.
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